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Investments (Tables)

12 Months Ended

Dec. 31, 2021

Debt Securities, Available-for-sale [Line Items]

Schedule of Unrealized Loss on Investments

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2021 is presented below.

DOLLARS IN MILLIONS						Less Than 12 Months												12 Months or Longer												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities						$	168.7					$	(1.8)					$	1.2					$	(0.1)					$	169.9					$	(1.9)
States and Political Subdivisions						385.0						(6.9)						1.5						(0.1)						386.5						(7.0)
Foreign Governments						2.2						(0.6)						2.6						(0.6)						4.8						(1.2)
Corporate Securities:
Bonds and Notes						596.8						(13.1)						49.3						(2.9)						646.1						(16.0)
Redeemable Preferred Stocks						0.1						—						—						—						0.1						—
Collateralized Loan Obligations						250.9						(2.6)						192.6						(2.2)						443.5						(4.8)
Other Mortgage- and Asset-backed						100.1						(1.8)						—						—						100.1						(1.8)
Total Fixed Maturities						$	1,503.8					$	(26.8)					$	247.2					$	(5.9)					$	1,751.0					$	(32.7)

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2020 is presented below.

DOLLARS IN MILLIONS						Less Than 12 Months												12 Months or Longer												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities						$	10.5					$	(0.1)					$	—					$	—					$	10.5					$	(0.1)
States and Political Subdivisions						23.3						(0.2)						—						—						23.3						(0.2)
Foreign Governments						0.5						(0.1)						2.6						(1.0)						3.1						(1.1)
Corporate Securities:
Bonds and Notes						132.9						(7.5)						46.1						(3.1)						179.0						(10.6)
Collateralized Loan Obligations						145.2						(3.8)						371.4						(15.9)						516.6						(19.7)
Other Mortgage- and Asset-backed						6.3						—						—						—						6.3						—
Total Fixed Maturities						$	318.7					$	(11.7)					$	420.1					$	(20.0)					$	738.8					$	(31.7)

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The components of Impairment Losses reported in the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 were:

DOLLARS IN MILLIONS						2021						2020						2019
Fixed Maturities						$	(6.4)					$	(16.7)					$	(13.3)
Equity Securities						(4.2)						(2.8)						(0.5)
Real Estate						(0.4)						—						—
Net Impairment Losses Recognized in Earnings						$	(11.0)					$	(19.5)					$	(13.8)

Schedule of Other Investments

The carrying values of the Company’s Other Investments at December 31, 2021 and 2020 were:

DOLLARS IN MILLIONS						2021						2020
Company-Owned Life Insurance						$	448.1					$	327.4
Loans to Policyholders at Unpaid Principal						286.2						297.9
Real Estate at Depreciated Cost						94.0						98.7
Mortgage Loans and Other						97.3						55.0
Total						$	925.6					$	779.0

Investments in Fixed Maturities

Debt Securities, Available-for-sale [Line Items]

Schedule of Available-for-sale Securities Reconciliation

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2021 were:

DOLLARS IN MILLIONS						Amortized Cost						Gross Unrealized												Allowance for Expected Credit Losses						Fair Value
												Gains						Losses
U.S. Government and Government Agencies and Authorities						$	610.1					$	29.2					$	(1.9)					$	—					$	637.4
States and Political Subdivisions						1,752.5						144.6						(7.0)						—						1,890.1
Foreign Governments						6.7						—						(1.2)						—						5.5
Corporate Securities:
Bonds and Notes						3,929.0						481.4						(16.0)						(7.5)						4,386.9
Redeemable Preferred Stocks						7.0						0.4						—						—						7.4
Collateralized Loan Obligations						756.0						0.9						(4.8)						—						752.1
Other Mortgage- and Asset-backed						296.9						12.4						(1.8)						—						307.5
Investments in Fixed Maturities						$	7,358.2					$	668.9					$	(32.7)					$	(7.5)					$	7,986.9

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2020 were:

						Amortized Cost						Gross Unrealized												Allowance for Expected Credit Losses						Fair Value
DOLLARS IN MILLIONS												Gains						Losses
U.S. Government and Government Agencies and Authorities						$	536.5					$	48.9					$	(0.1)					$	—					$	585.3
States and Political Subdivisions						1,404.3						185.4						(0.2)						—						1,589.5
Foreign Governments						6.6						—						(1.1)						(0.3)						5.2
Corporate Securities:
Bonds and Notes						3,749.5						689.5						(10.6)						(3.0)						4,425.4
Redeemable Preferred Stocks						7.0						0.5						—												7.5
Collateralized Loan Obligations						785.1						2.3						(19.7)						—						767.7
Other Mortgage- and Asset-backed						203.7						21.6						—						—						225.3
Investments in Fixed Maturities						$	6,692.7					$	948.2					$	(31.7)					$	(3.3)					$	7,605.9

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2021 by contractual maturity were:

DOLLARS IN MILLIONS						Amortized Cost						Fair Value
Due in One Year or Less						$	109.0					$	111.4
Due after One Year to Five Years						998.3						1,044.2
Due after Five Years to Ten Years						1,469.1						1,555.9
Due after Ten Years						3,255.6						3,730.1
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date						1,526.2						1,545.3
Investments in Fixed Maturities						$	7,358.2					$	7,986.9

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